BASF, Nornickel to Partner on Battery Production
22 October 2018 - 6:49PM
Dow Jones News
By Nathan Allen
BASF SE (BAS.XE) said Monday that it will partner with Norilsk
Nickel Mining & Metallurgical Co. (GMKN.MZ) to produce
batteries for the European market.
The German chemical group said it will build a
battery-production plant in Harjavalta, Finland next to Nornickel's
nickel-and-cobalt refinery.
The two companies have also signed a long-term supply agreement
under which Nornickel will supply nickel and cobalt feedstocks from
the refinery.
Production at the plant, which forms part of BASF's 400 million
euros ($460.5 million) investment plan for the sector, should begin
in late 2020, the company said.
The European Union recently voted to allow state aid for
electric-battery research and pledged to fund companies that build
battery factories.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 22, 2018 03:34 ET (07:34 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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